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$50 Billion Ponzi?
Calculated Risk —
A couple of stories to discuss ... SEC Charges Bernard L. Madoff for Multi-Billion Dollar Ponzi Scheme According to regulatory filings, the Madoff firm had more than $17 billion in assets under management as of the beginning of 2008. It appears that virtually all assets of the advisory business are missing. And from the WSJ: GM Retains Bankruptcy Counsel; Tentative Pact Reached on Bailout General Motors Corp. has hired lawyers and bankers to consider whether to file for bankruptcy protection, said several people familiar with ...
Third Death
Talking Points Memo —
... The automaker bailout is now, apparently, officially and really dead. Dems were willing to agree to Republican demands that Big 3 employees move to wage parity with Japanese automakers operating in the US. But they wouldn't agree to reach parity by 2009, as Republicans demanded. ...
Auto Bailout Talking Points
The Reality-Based Community —
... The Republican Party was so anxious to destroy the unions that they decided to destroy the auto industry in the process . Say this over and over. Particularly in Ohio, Michigan, Pennsylvania, and ...
Auto Bailout Failure Could Mean The End For GM, Chrysler
The Huffington Post | Full News Feed —
... The Wall Street Journal reported that hopes now rested on the Treasury opening up some of the $700 billion Wall Street bailout fund to give the two automakers emergency loans. In addition, the paper reports that GM is pulling out all the stops to revive the once-mighty corporation: ...
Early Morning Swim: Special Senate Republicans Cut Off Our Face To Spite The Union Edition
Firedoglake —
... Senate Republicans kill the auto bill.
Heckuva job Harry says, "It's over with."
And this headline pretty much proves that.
But Ian sees another way?
More on Paulson stepping in.
The world markets react -- and it's not pretty.
Collapse in Asia.
And Europe.
The Durango's in your court, Mr. President.
Hugh Hewitt: The Democrats' Failure
Townhall.com Blog's TownHall Blog —
It took Nixon to open China, and it should have taken the Senate Democrats to open Detroit, but when push came to shove, the Senate Democrats would not push the UAW and could not figure out how to arrive at a deal that moderates and conservatives could support. Now Senator Reid has announced he's giving up and going home --one of those moves that makes me wonder about the whole premise of the exercise. If a real crisis is at hand, does the Congress go home for a month? Some reports have the last night's late negotiations as limited to Senators Reid, Dodd and Corker --and the ...
Hugh Hewitt: The Democrats' Failure
Hugh Hewitt's TownHall Blog —
It took Nixon to open China, and it should have taken the Senate Democrats to open Detroit, but when push came to shove, the Senate Democrats would not push the UAW and could not figure out how to arrive at a deal that moderates and conservatives could support. Now Senator Reid has announced he's giving up and going home --one of those moves that makes me wonder about the whole premise of the exercise. If a real crisis is at hand, does the Congress go home for a month? Some reports have the last night's late negotiations as limited to Senators Reid, Dodd and Corker --and the ...
Frank: Bailout is ‘Welfare’ for Auto Workers
RedState: Conservative News and Community —
... The Senate’s failure to agree on a bailout also illustrates clearly that Frank and Congressional Democrats are trying to use taxpayer dollars to guarantee UAW workers wages and benefits that the economy can’t support. Negotiations broke down because Senate Democrats toed the UAW line, and refused to accept a requirement that wages and benefits come quickly in line with those of the solvent automakers. But this is a deal that the government can only guarantee to a fortunate few workers; it can’t tax enough to give everyone an exemption from the rules of the ...
